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Bonadio & Co. names new COO

Rochester Business Journal
September 14, 2012

Bonadio & Co. LLP, the largest accounting firm in the Rochester market, has promoted Robert Enright to chief operating officer, the latest step up the ladder for the non-CPA.
 
Enright, 45, replaces John Magee, who is no longer with the firm, Managing Partner and CEO Thomas Bonadio said.
 
Enright joined Bonadio & Co. in February 2006 as a principal in the firm's government services division. He was promoted to executive vice president in November 2007. He became COO as of Aug. 1.
 
Enright oversees operations in accounting, finance, marketing, sales support, information technology, human resources and productivity. He also participates in twice-monthly meetings of the firm's management committee, which includes Bonadio and partners Bruce Zicari and Mario Urso. He reports to all three as part of Bonadio's leadership structure.
 
"I'm ecstatic about having somebody with Bob's background," Bonadio said. "He probably wasn't the right guy 10 years ago. But he's learned a lot about how a CPA firm works.
 
"It's going to free me up to do more things that are more strategic and help the firm grow and bring in new clients."
 
Bonadio considered Enright as a candidate for COO in 2004 but hired Magee.
 
"I had experiences with all the different roles I have now-IT and marketing and human resources and finance-but I didn't have that client service side," Enright said.
 
"By me spending the last six and one-half years here, working with clients across the state, it really gives me a whole new perspective that someone coming from outside our firm or not coming from the accounting industry wouldn't have coming into the COO role."
 
Bonadio & Co., based in Perinton, ranks first on the Rochester Business Journal's list of accounting firms with 80 local CPAs and 152 companywide. It has branch offices in Buffalo, Albany and Syracuse and satellite offices in Geneva, Ontario County, and Perry, Wyoming County.
 
The firm ranks 66th on the list of the nation's largest CPA firms with $47.5 million in revenue for the 2012 fiscal year, according to the "Inside Public Accounting" newsletter.
 
"We're going to do $55 million this year," Bonadio said.
 
"We're in six locations, soon to be seven. We're spread out all over the state of New York. We have between 350 and 400 people, depending on the time of the year."
 
The firm is looking at merger possibilities in Central New York, Bonadio said, declining to provide details.
 
"We're growing," Enright said. "When I first started here, we were about $25 million. Now we're going to do $55 million. That's more than doubled.
 
"We're going to be significantly bigger in the next five or six years. So it's making sure we've got the right talent. We sell our people. We want the best. We want the brightest. That's what I'm responsible for."
 
Employment is in the range of 360 now. That includes four full-timers at ProNexus LLC, an affiliation formed in February that provides temporary staffing for IT and high-level finance positions.
 
"They have a large bench of professionals across the Northeast who like to work like that," Bonadio said. "There a lot of companies who prefer to do it on a variable basis because they have a project that's going to take a year, and they don't want to go out and hire three full-time people and then have to let them go."
 
Bonadio & Co. is growing organically at 6 percent annually, despite a relatively flat economy in Upstate New York, Bonadio said. The growth is largely because of the firm's special services.
 
Enright was executive director of the Rochester Rotary Club for 16 years before coming to Bonadio & Co. New York licensing statutes prohibit him from being a partner at the firm because he is not a CPA.
 
"New York is 100 years behind the times, I would say, from almost every other state in the union," Bonadio said.
 
"To be a CPA firm (in other states), a certain percentage of your partners have to be CPAs. It might be 80 percent. It might be 75 percent. New York is the only one that requires every partner to be a CPA."
 
Enright earned an accounting degree at St. John Fisher College but does not have the required work experience in auditing.
 
"To have people with other experiences, in a firm of our size, is pretty commonplace now," Bonadio said. "We have people who are fraud experts, IT experts and consultants in other areas. They don't have to be CPAs. Maybe 30 percent of our business is in non-traditional areas."
 
The firm has 46 partners. It expects to have 48 by the end of the year.
 
"The partners are responsible for serving our clients," Enright said. "I'm responsible for making sure they have every tool they need to provide that outstanding client service."

9/14/12 (c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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